Dötz, Niko; Weth, Mark - Deutsche Bundesbank - 2013
liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the … cash-to-asset positions. Cashbuilding intensities are found to be lower when illiquid funds are institutional-oriented or … distress. We conclude that conditional on their liquidity status, these funds use cash as a device to provide for the ownership …